If GE Thinks Globally, Shouldn't You?

Does the same hold true for small business? Maybe not for the many businesses that are by definition local, such as the corner pizza restaurant or a suburban landscaping company. But businesses in certain industries not only rake in more profit by selling overseas -- they lose money if they don't.

"Smaller technology companies have to take advantage of the global market very quickly," says Dr. Fariborz Ghadar, director of the Center for Global Business Studies at Pennsylvania State University. Small software and biotech firms are learning that it's no longer enough to be first. "Once you come up with a new technology, it used to be that it took 10 or 15 years for it to be copied," says Ghadar. "Now, it can be copied in a year or less -- when Intel (INTL Quote) develops a new chip, Samsung has it soon after. At the same time, the cost to develop that technology has gone through the roof. If you don't go globally quickly, you're leaving money on the table."

Companies that sell to style-conscious consumers also should move fast, while the buzz on their products is hot. (Think Apple's (AAPL Quote) iPhone, which was launched in Europe and Asia soon after going on sale in the U.S.) A photo of your company's cool new chairs or handbags can show up on design blogs around the world within a few days, and you'll lose out if you're not ready to sell to overseas customers.

Although the challenges of selling to an international market may intimidate some small-business owners, Ghadar says that thanks to the Internet, it's easier and more affordable than ever.